HOG · Harley-Davidson, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $4.47B | $5.19B | $5.84B | $5.76B | $5.34B | $4.05B |
| Cost of Revenue | $2.74B | $3.01B | $3.32B | $3.40B | $3.24B | $2.44B |
| Gross Profit | $1.73B | $2.18B | $2.51B | $2.35B | $2.09B | $1.62B |
| R&D | - | - | $159.30M | $158.60M | $175.10M | $202.40M |
| SG&A | $1.15B | $1.15B | $1.18B | $1.08B | $1.05B | $1.05B |
| Total Operating Expenses | $4.09B | $4.77B | $5.06B | $4.85B | $4.51B | $4.04B |
| D&A | $172.37M | $160.67M | $158.11M | $151.94M | $165.19M | $185.72M |
| Operating Income | $386.63M | $416.63M | $779.08M | $909.28M | $823.44M | $9.68M |
| Interest Expense | $33.44M | $30.75M | $30.79M | $31.23M | $30.97M | $31.12M |
| Income Tax | $129.58M | $71.96M | $171.83M | $192.02M | $169.21M | ($17.03M) |
| Net Income | $338.74M | $455.36M | $706.59M | $741.41M | $650.02M | $1.30M |
| EPS - Basic | $2.82 | $3.46 | $4.96 | $5.01 | $4.23 | $0.01 |
| EPS - Diluted | $2.78 | $3.44 | $4.87 | $4.96 | $4.19 | $0.01 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.09B | $1.59B | $1.53B | $1.43B | $1.87B | $3.26B |
| Accounts Receivable | $225.76M | $234.31M | $267.20M | $252.22M | $182.15M | $143.08M |
| Inventory | $730.90M | $745.79M | $929.95M | $950.96M | $712.94M | $523.50M |
| Accounts Payable | $389.24M | $298.72M | $349.16M | $378.00M | $374.98M | $290.90M |
| Current Assets | $5.59B | $5.00B | $5.16B | $4.75B | $4.55B | $5.85B |
| Total Assets | $8.04B | $11.88B | $12.14B | $11.49B | $11.05B | $12.01B |
| Current Liabilities | $2.66B | $3.56B | $3.38B | $3.53B | $3.34B | $3.98B |
| Long-term Debt | $1.65B | $4.47B | $4.99B | $4.46B | $4.60B | $5.93B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $3.14B | $3.17B | $3.25B | $2.90B | $2.55B | $1.72B |
| Retained Earnings | $3.72B | $3.47B | $3.10B | $2.49B | $1.84B | $1.28B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $568.92M | $1.06B | $754.89M | $548.46M | $975.70M | $1.18B |
| Investing Cash Flow | $3.78B | ($383.33M) | ($512.30M) | ($773.01M) | ($459.45M) | ($66.78M) |
| Financing Cash Flow | ($3.01B) | ($572.32M) | ($174.65M) | ($201.97M) | ($1.88B) | $1.37B |
| CapEx | $153.68M | $196.56M | $207.40M | $151.67M | $120.18M | $131.05M |
| Free Cash Flow | $415.24M | $867.27M | $547.48M | $396.79M | $855.52M | $1.05B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 38.7% | 42.0% | 43.1% | 40.9% | 39.2% | 39.9% |
| Operating margin | 8.6% | 8.0% | 13.3% | 15.8% | 15.4% | 0.2% |
| EBITDA margin | 12.5% | 11.1% | 16.1% | 18.4% | 18.5% | 4.8% |
| Net margin | 7.6% | 8.8% | 12.1% | 12.9% | 12.2% | 0.0% |
| Free cash flow margin | 9.3% | 16.7% | 9.4% | 6.9% | 16.0% | 25.8% |
| FCF / Net income | 1.23 | 1.90 | 0.77 | 0.54 | 1.32 | 806.50 |
| R&D / Revenue | - | - | 2.7% | 2.8% | 3.3% | 5.0% |
| SG&A / Revenue | 25.7% | 22.1% | 20.1% | 18.8% | 19.6% | 25.9% |
| Effective tax rate | 27.7% | 13.6% | 19.6% | 20.6% | 20.7% | - |
| Return on assets | 4.2% | 3.8% | 5.8% | 6.5% | 5.9% | 0.0% |
| Return on equity | 10.8% | 14.4% | 21.7% | 25.5% | 25.5% | 0.1% |
| Return on invested capital | 5.8% | 4.7% | 7.6% | 9.8% | 9.1% | 0.1% |
| Liquidity | ||||||
| Current ratio | 2.10 | 1.40 | 1.53 | 1.34 | 1.36 | 1.47 |
| Quick ratio | 1.83 | 1.19 | 1.25 | 1.08 | 1.15 | 1.34 |
| Cash ratio | 1.16 | 0.45 | 0.45 | 0.41 | 0.56 | 0.82 |
| Leverage | ||||||
| Debt / Equity | 0.53 | 1.41 | 1.53 | 1.54 | 1.80 | 3.44 |
| Debt / Assets | 0.21 | 0.38 | 0.41 | 0.39 | 0.42 | 0.49 |
| Debt / EBITDA | 2.95 | 7.74 | 5.33 | 4.20 | 4.65 | 30.36 |
| Interest coverage | 11.6x | 13.5x | 25.3x | 29.1x | 26.6x | 0.3x |
| Equity multiplier | 2.56 | 3.75 | 3.73 | 3.96 | 4.33 | 6.97 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.56 | 0.44 | 0.48 | 0.50 | 0.48 | 0.34 |
| Inventory turnover | 3.75 | 4.03 | 3.57 | 3.58 | 4.55 | 4.65 |
| Days sales outstanding | 18d | 16d | 17d | 16d | 12d | 13d |
| Days inventory outstanding | 97d | 91d | 102d | 102d | 80d | 78d |
| Days payable outstanding | 52d | 36d | 38d | 41d | 42d | 44d |
| Cash conversion cycle | 64d | 71d | 81d | 77d | 50d | 48d |
| Valuation | ||||||
| P / E | 7.4x | 8.8x | 7.6x | 8.4x | 9.0x | 3670.0x |
| P / B | 0.8x | 1.3x | 1.6x | 2.1x | 2.3x | 3.3x |
| P / S | 0.6x | 0.8x | 0.9x | 1.1x | 1.1x | 1.4x |
| EV / EBITDA | 1.9x | 11.9x | 9.4x | 8.7x | 8.7x | 42.6x |
| Growth | ||||||
| Revenue growth (YoY) | -13.8% | -11.1% | 1.4% | 7.8% | 31.6% | -24.4% |
| Revenue CAGR (3y) | -8.1% | -0.9% | 12.9% | 2.4% | -2.3% | -10.5% |
| Revenue CAGR (5y) | 2.0% | -0.7% | 0.4% | 0.4% | -2.3% | -7.5% |
| Gross profit growth (YoY) | -20.6% | -13.3% | 6.9% | 12.3% | 29.3% | -24.1% |
| Operating income growth (YoY) | -7.2% | -46.5% | -14.3% | 10.4% | 8407.5% | -98.3% |
| Net income growth (YoY) | -25.6% | -35.6% | -4.7% | 14.1% | 49978.9% | -99.7% |
| EPS growth (YoY) | -19.2% | -29.4% | -1.8% | 18.4% | 41800.0% | -99.6% |
| EPS CAGR (3y) | -17.6% | -6.4% | 686.8% | 22.8% | 9.5% | -85.1% |
| EPS CAGR (5y) | 208.2% | 5.1% | 8.8% | 10.4% | 1.8% | -69.3% |
| FCF growth (YoY) | -52.1% | 58.4% | 38.0% | -53.6% | -18.3% | 52.4% |
| FCF CAGR (5y) | -16.9% | 4.8% | -11.2% | -13.1% | -1.4% | 4.5% |
| Book value growth (YoY) | -0.8% | -2.7% | 12.0% | 13.7% | 48.2% | -4.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$3.60B totalHDMCSegment$3.58B · 99.3%
Livewire Segment$25.67M · 0.7%
Product / service
$3.58B totalMotorcycles$2.66B · 74.3%
Parts Accessories$614.07M · 17.2%
Apparel$215.78M · 6.0%
Product And Service Other$69.11M · 1.9%
License$21.67M · 0.6%
Geographic
$3.58B totalUS$2.40B · 67.1%
EMEA$538.78M · 15.0%
Other Foreign Countries$255.34M · 7.1%
CA$161.45M · 4.5%
JP$112.38M · 3.1%
Australia And New Zealand$105.86M · 3.0%
Non Us$6.62M · 0.2%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
8/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Motorcycles, Bicycles & Parts
Comparing HARLEY-DAVIDSON against the 5 most active filers in the same SIC group.
Dividends
$0.55/share trailing 12 months · -22.4% YoY
| Ex-date | Per share |
|---|---|
| Mar 2, 2026 | $0.1880 |
| Dec 9, 2025 | $0.1800 |
| Sep 10, 2025 | $0.1800 |
| Jun 2, 2025 | $0.1800 |
| Feb 28, 2025 | $0.1800 |
| Dec 10, 2024 | $0.1730 |
| Sep 16, 2024 | $0.1730 |
| Jun 5, 2024 | $0.1730 |
| Mar 1, 2024 | $0.1730 |
| Dec 8, 2023 | $0.1650 |
| Sep 11, 2023 | $0.1650 |
| Jun 2, 2023 | $0.1650 |
| Mar 2, 2023 | $0.1650 |
| Dec 8, 2022 | $0.1580 |
| Sep 9, 2022 | $0.1580 |
| Jun 1, 2022 | $0.1580 |
| Feb 25, 2022 | $0.1580 |
| Dec 7, 2021 | $0.1500 |
| Sep 9, 2021 | $0.1500 |
| Jun 9, 2021 | $0.1500 |
| Mar 1, 2021 | $0.1500 |
| Dec 3, 2020 | $0.0200 |
| Sep 9, 2020 | $0.0200 |
| May 21, 2020 | $0.0200 |